Factor Calculation
1. BM Ratios
Book to Market
- CommonShareholders′Equity/MarketCap
2. EP Ratios
PER
- PriceperShare/EPS=MarketCap/NetIncome
PBR
- PriceperShare/BPS=MarketCap/TotalEquity
PSR
- PriceperShare/SPS=MarketCap/Sales
EV/EBITDA
- EnterpriseValue/EBITDA=(EquityValue+NetDebt)/EBITDA
ROE (Return on Equity)
- NetIncome/TotalEquity
ROA (Return on Asset)
- NetIncome/TotalAsset
Gross Profit Ratio
- GrossProfit/Sales=(Sales−COGS)/Sales
where COGS stands for Cost of Goods Sold
ROTC (Return on Total Capital)
- NOPAT/TotalCapital=EBIT(1−t)/TotalCapital
분자의 경우, EBIT를 써도 무방
ROIC (Return on Invested Capital)
- NOPAT/InvestedCapital=EBIT(1−t)/InvestedCapital
분자의 경우, EBIT를 써도 무방
RNOA (Return on Net Operating Asset)
- NetIncome/NOA=NetIncome/(OperatingAsset−OperatingLiabilities)=OperatingAssets−(TotalLiabilities−IBD)
where IBD stands for "Interest Bearing Debts (LTD + STD)"